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RNS Number : 3648G
Deepverge PLC
26 July 2021
26 July 2021
DeepVerge plc
("DeepVerge" or the "Company")
Skin Trust Club UK laboratories upgrading to deliver 20,000
units per month by Q4 2021
Bottlenecks for processing home test kits being eliminated by
additional gene sequencing installations
Updates on Microtox(R) PD wastewater project
DeepVerge (LSE:DVRG.L), is pleased to announce the following updates:
Skin Trust Club
Additional investment from the recent GBP10m placing has
facilitated the completion of the laboratories upgrade in York, UK,
to provide capacity for processing up to 20,000 Skin Trust Club
home test kits per month, for the UK market, subject only to
delivery of gene sequencing machines, expected to arrive in early
September. Details on the launch of the Skin Trust Club Android app
and marketing campaign to commence in September engaging the skills
of a, soon to be announced, top global media agency are highlighted
in today's Annual General Meeting ("AGM") presentation.
Demand received from consumers and B2B partners, such as
beauticians and dermatologists, has resulted in completion of more
than 5,000 tests which was the limit of capacity up to the end of
June. Further demand has arisen from Labskin skincare corporate
clients requesting to include home test kits before and after
product and ingredient tests for each human test subject in
contract clinical trials, which exceeds current service capacity
and is expected to increase outside of any consumer related
marketing campaign.
As well as processing capacity for 20,000 units in the UK by Q4
2021, preparations are underway for the same volume for the US
market, expected to launch in H1 2022. In addition, Labskin is
completing development of ethnic skin model testing which will
enable a similar volume of 20,000 units per month in China targeted
for launch in H2 2022 in 5 major cities (Shanghai, Beijing,
Tianjin, Shenzhen and Guangzhou) that have a combined population of
c80m.
Microtox(R) PD wastewater project
-- Successful first data transfer of detection of SARS-CoV-2 via
Microtox(R) PD units has completed with unidentified clients from
installed units in undisclosed locations (under strict conditions
of NDA's).
-- Final housekeeping/validation involves duplicate timestamped
samples for independent PCR testing with third party lab and
includes deeper data integration with Strathkelvin
Instruments[i].
-- Planning manufacturing at scale in negotiation with China
Resources for rolling out at national level via Partners, Dell
Technologies, EPS Group
-- Beyond the success of current single pathogen target chips,
multiplex chips to begin testing for multiple targets that include
SARS-CoV-2, Norovirus[ii], Pepper mild mottle virus (PMMoV)[iii] in
wastewater.
China Resources
Since the announcement of the signing of an MoU in the RNS of 28
April 2021, complex commercial and legal negotiations and detailed
due diligence between the parties has been underway. The scope of
the original Joint Venture has been extended beyond what was
originally contemplated. However, both parties are actively seeking
to reach agreement as quickly as possible. The timeline of signing
an agreement has been extended into Q4, 2021 due to the additional
elements being added to the proposed agreement. See editor
notes[iv] for further information.
Gerard Brandon, DeepVerge plc CEO commented:
"Today's AGM will of course discuss the outcome of 2020, which
by itself was remarkable, but also focus on the future of each
division within the Group. It is impossible to put in black and
white what has, is, and will be achieved by the team at DeepVerge
over the next 12-24 months, so I look forward, with Fin Murray,
Chief of Operations, and Camillus Glover, Chief Financial Officer,
to providing sufficient colour to allow you to see where the
Company is heading."
The AGM presentation is open to all existing and potential
shareholders. Questions can be submitted at any time during the
live presentation.
Investors can sign up to Investor Meet Company for free via:
https://www.investormeetcompany.com/deepverge-plc/register-investor
A copy of the AGM presentation pdf will be available on the
Company website investor page under the Company Publications tab to
download www.deepverge.com/investors
Contacts
+44 (0) 7340 055
DeepVerge plc Gerard Brandon, CEO 648
SPARK Advisory Partners
Limited Neil Baldwin/Andrew +44 (0) 113 370
(Nominated Adviser) Emmott 8974
Turner Pope Investments Andy Thacker/James +44 (0) 20 3657
(TPI) Limited (Broker) Pope 0050
About DeepVerge plc (www.deepverge.com)
DeepVerge is an environmental and life science group of
companies that develops and applies AI and IoT technology to
analytical instruments for the analysis and identification of
bacteria, virus and toxins. Utilising artificial intelligent data
analytics to scientifically prove the impact of skincare product
claims on skin microbiome for most of the top 20 global cosmetic
company clients and remotely detect and identify in real-time,
dangerous pathogens in wastewater treatment plants, drinking water,
rivers, lakes and reservoirs.
[i] Strathkelvin Instruments (www.strathkelvin.com) develops
instruments based upon precision dissolved oxygen measurement, for
use in the biomedical research field. This remains a significant
part of the company's instrumentation range.
In 1998, the opportunity began to exploit the technology of a
respirometer designed for biomedical research, for use in activated
sludge respirometry. Initially the respirometry product development
was directed towards toxicity testing, since there was no method
anywhere in the world that would measure and calculate toxicity of
wastewater to the actual activated sludge of the receiving works,
in as little as 5-10 mins. Subsequently it became clear that, since
respirometry is one of the 3 major processes in biological
treatment (biodegradation, growth and respiration), by adding
additional software, the respirometer could be used as a major tool
in process control in treatment works.
[ii] Norovirus, sometimes referred to as the winter vomiting
bug, is the most common cause of gastroenteritis. Norovirus results
in about 685 million cases of disease and 200,000 deaths globally a
year. The virus is usually spread by the faecal-oral route. This
may be through contaminated food or water or person-to-person
contact. https://en.wikipedia.org/wiki/Norovirus
[iii] Pepper mild mottle virus: In an article from the Applied
and Environmental Microbiology Journal, it was found that PMMoV
could be a potential indicator of faecal pollution. Their results
demonstrate that PMMoV is widespread and abundant in wastewater
from the United States, suggesting the utility of this virus as an
indicator of human faecal pollution.
https://en.wikipedia.org/wiki/Pepper_mild_mottle_virus
[iv] China Resources additional information: In January 2020 a
report from the Chinese-language Polaris Environmental Network
recorded that as of January 2020, China's 10,113 wastewater
treatment plants covered an estimated 95% of municipalities and 20%
of rural areas. China's 14th Five-Year Plan (2021-2025) outlines a
strategy to invest an additional $18.5 billion in rural areas'
wastewater treatment systems.
In January 2021 China published new guidelines for wastewater
reuse, raising the proportion of sewage which must be treated to
reuse standards to 25% by 2025. Further evidence of the country's
ambition to transition from capacity expansion to a greater
emphasis on treated effluent quality. As part of the effort, China
also aims to construct and upgrade 80,000km of wastewater
collection pipelines over the next five years.
To accommodate the proposed expansion to fit into a national
program, laboratory and sales facilities in China are to be
expanded in 2021/2022 where the Modern Water subsidiary already
have facilities in place but intend to upgrade these to meet
Chinese and worldwide production demands.
Embedding AI/data capability into new Modern Water monitoring
equipment has begun within the DeepVerge Group. This enhanced
capability is based on the Microtox PD optofluidic/AI development
project which is now referencing field trials in wastewater sites
in Europe.
Agreements with International Tier One Blue Chips provide
integrated and secure hardware and software solutions as well as
capability to scale roll outs at a provincial and national level
outside of China. Similar requirements are necessary under majority
owned technology partners in China.
Expanding the environmental equipment services market into a
pandemic sensitive world with specific demand for Modern Water
products and services means a change to production, sales, support
and key management in the new Modern Water China. There is a need
to decentralise and/or out-source. The need to increase
manufacturing capabilities to accommodate growth in worldwide
orders, and to secure larger orders is an imperative and detailing
this is critical from the outset.
The Company believes that the correct partner in China provides
the advantage of accelerated growth in a ready market and
negotiating an agreement to achieve more than was originally
anticipated by both parties is the reason for any delay in
finalising the content of the agreement.
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